NIFTY & BANK NIFTY ANALYSIS

 Nifty resisted at 18665 @ the opening, formed a low @ 18528 and closed @ 18561.

Break below 18520 Nifty is likely to reach 18420 levels - 61.8% retr of the wave from 18133 to 18886.

Looking at the brighter side, Nifty is supported @ 18530 levels by Bollinger band & Ichimoku cloud as per hourly char and 15 min chart.

An a,b,c is likely to have completed and there is + divergence prevalent in 5 min chart.

INTRADAY TRADE SETUP:

Holding 18520 (prev day low) and a move above 18625 is required for further upsides.

Breakdown below 18520 - would drag Nifty towards 18420 levels

Trading Range  - 18520 - 18620

Intraday trade Plan:

Buy above 18560 - SL 15 min close below 18510 - for intial targets upt 18620-18630. 

Sell below 18620 - SL 15 min close above 18630

Sell below 18490 with SL 15 min close above 18520

BANKNIFTY:

Banknifty within the range of 43290 - 43050 

Breakdown of 43050 and a 

15 min close below the same   - BB SUPPORT

 H&S pattern will come into play

TRADE PLAN:

I.  SELL BELOW 43000 SL 15 MIN CLOSE ABOVE 43050

    BUY ABOVE 43300 SL 15 MIN CLOSE BELOW 43250

2. Aggressive: BUY @ 43020 sl 5 MIN CLOSE BELOW 43000